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Apple CEO Tim Cook receives $750m payout

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Apple’s Tim Cook has received a payout of more than $750m (£550m). (Photo by Drew Angerer/Getty Images)

Apple chief executive Tim Cook has sold shares in the technology company for more than $750m (£550m).

The CEO sold most of his five million shares in the firm, according to a company filing with the US Securities and Exchange Commission (SEC) watchdog.

The payout was part of a deal he agreed to when he took over the company from Steve Jobs ten years ago.

It was dependent on the performance of Apple’s shares compared to other firms on the S&P 500 stock index.

The firm’s shares rose by 191.83 per cent over the last three years and the filing also noted its share price was up 1,200 per cent  since Cook took over in 2011.

The CEO agreed to a new pay package last year that will run to the end of 2026.